特海国际 Super Hi International Holding (9658 HK) 点评报告：翻台率有所提升，多品牌计划稳步推进 Review Report: Table Turnover Rate Improves, and Diversified Brands Plan Advances Steadily 研究报告 Research Report 27 Nov 2025 [Table_yemei1] 观点聚焦 Investment Focus [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 点评：外卖业务高速增长，多品牌计划稳步推进。3Q25 收入结构 上，①餐厅经营收入 2.0 亿美元，同比增长 ...

期内溢利为360万美元，2024年同期为3770万美元。除前述经营溢利减少外，此变动主要原因是2025年 第三季度汇兑亏损净额较2024年同期增加3170万美元，该增加主要受汇率波动影响，尤其是当地货币对 美元之重估变动。 格隆汇11月26日丨特海国际(09658.HK)公布公司及其附属公司截至2025年9月30日止三个月的未经审核 财务业绩(「第三季度业绩」)。收入为2.14亿美元，较2024年同期的1.99亿美元增长7.8%。 海底捞餐厅经营的收入为200.7百万美元，较2024年同期190.9百万美元增长5.1%。该增长主要由于(i)业 务持续扩张和品牌影响力提升；以及(ii)我们在提高客流量和翻台率方面做出的持续努力。外卖业务收 入为4.4百万美元，较2024年同期的2.6百万美元增长69.2%。该增长主要由于(i)根据市场需求持续优化 外卖产品与服务；以及(ii)与当地外卖平台进行战略营销合作。其他业务收入为8.9百万美元，较2024年 同期的5.1百万美元增长74.5%，该增长主要由于(i)火锅调味品在当地客户和零售商中越来越受欢迎；以 及(ii)在「红石榴计划」的业态多元化战略下，不断探索孵化第 ...

Core Insights - The company reported a revenue of $397 million in the first half of 2025, marking a year-on-year increase of 6.79%, and a net profit of $28 million, indicating a return to profitability due to favorable exchange rate fluctuations [1] - In Q2 2025, the company achieved a revenue of $201 million, reflecting a year-on-year growth of 8.26%, with a net profit of $16 million, also showing a return to profitability [1] Business Performance - Revenue growth across all business lines: restaurant operations, takeout, and other businesses increased by 5.9%, 48.1%, and 25% respectively in H1 2025 [1] - Restaurant revenue growth was driven by store expansion and enhanced brand influence, alongside improved customer traffic and table turnover rates [1] - The takeout business saw significant growth due to product and service optimization based on market demand and strategic marketing collaborations with local delivery platforms [1] - Other income, primarily from hot pot condiments and sub-brands, benefited from rising local customer preferences and the ongoing "Pomegranate Plan" for second brand restaurant incubation [1] Operational Metrics - Average table turnover rate increased by 0.1 percentage points to 3.9 times per day in H1 2025, with East Asia showing a notable improvement of 0.8 percentage points to 4.9 times per day [1] - Overall average revenue per restaurant per day grew by 2.9% year-on-year, despite a 1.6% decline in average customer spending due to pricing adjustments [1] - Same-store sales increased by 3% year-on-year, with the exception of Southeast Asia, which saw a decline of 1.2% [1] Profitability Analysis - Operating profit margins faced pressure due to strategic decisions, with raw material and consumables costs rising by 0.4 percentage points to 34%, and employee costs increasing by 1.2 percentage points to 35.3% [1] - The overall operating profit margin decreased by 2.6 percentage points to 3%, attributed to customer discounts from quality-price ratio strategies and the need for improved management practices [1] Expansion and Brand Development - The company opened 8 new Haidilao restaurants in H1 2025 while closing 4 underperforming locations, resulting in a total of 126 restaurants by the end of Q2 2025, an increase of 4 from the previous year [2] - The company is actively developing second brands across various categories, including hot pot, barbecue, and fast food [2] Future Outlook - The company is well-positioned in the international dining market, benefiting from its unique service model, strong brand presence, and rapid localization capabilities [2] - Forecasts for net profit from 2025 to 2027 are projected at $46.81 million, $59.08 million, and $70.67 million respectively, maintaining a "buy" rating [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In the first half of 2025, the company achieved revenue of $397 million, a year-on-year increase of 6.79%, and net profit of $28 million, marking a return to profitability due to favorable exchange rate changes [2][6]. - The company is positioned as a leader in the international Chinese dining market, benefiting from its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $46.81 million, $59.08 million, and $70.67 million for the years 2025 to 2027, respectively [2][6]. Revenue Breakdown - In the first half of 2025, revenue from the company's hot pot restaurants, takeout business, and other segments grew by 5.9%, 48.1%, and 25% year-on-year, respectively [9]. - The increase in restaurant revenue is attributed to store expansion and enhanced brand influence, while the takeout business saw significant growth due to product optimization and strategic marketing partnerships [9]. Operational Performance - The average table turnover rate improved by 0.1 percentage points to 3.9 times per day, with the East Asia market showing a notable increase of 0.8 percentage points to 4.9 times per day [9]. - Overall same-store sales increased by 3% year-on-year, with the Southeast Asia region experiencing a decline of 1.2% [9]. Profitability Analysis - The company's operating profit margin decreased by 2.6 percentage points to 3% in the first half of 2025, influenced by rising costs of materials and labor [9]. - The company has been adjusting pricing strategies to enhance value for customers, which has impacted profit margins [9]. Store Expansion - The company opened 8 new hot pot restaurants in the first half of 2025, while closing 4 underperforming locations [9]. - As of the end of Q2 2025, the company operated 126 hot pot restaurants, an increase of 4 from the previous year [9].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In Q1 2025, the company achieved revenue of $198 million, a year-on-year increase of 5.4%, and a net profit of $12 million, benefiting from a decrease in foreign exchange losses, thus turning from a loss to a profit [2][6]. - The company is positioned as a leader in the international Chinese dining market, leveraging its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $44.06 million, $55.15 million, and $63.41 million from 2025 to 2027, indicating strong growth potential in the hot pot industry internationally [2][6]. Revenue and Profitability - The company's revenue from its main business segments in Q1 2025 showed steady growth: Haidilao restaurant operations increased by 4.5%, takeaway business by 37.9%, and other businesses by 22.7% [6]. - The average daily sales per restaurant reached $17,800, a year-on-year increase of 1.71%, while same-store sales grew by 0.34% [6]. - The overall customer spending per visit decreased by 2.8% to $24.20, attributed to the company's pricing adjustments and menu changes [6]. Store Expansion and Network - The company opened 4 new Haidilao restaurants in Q1 2025, while closing 3 underperforming locations, bringing the total number of stores to 123 [6]. - The company continues to expand its presence in Southeast Asia, East Asia, North America, and other regions, with a net increase of 1 store in each of these areas compared to the same period in 2024 [6].